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Tsys ups stake in CPay to 75%

Tsys (TSS) announced today that it has increased its stake in its Central Payment Joint Venture (CPay) from 60 percent to 75 percent.

Central Payment founders Matt and Zach Hyman have committed to lead the company as Co-Managing Directors for an additional three years.

"Under the leadership of Matt and Zach, the value of Central Payment has more than doubled to $250 million in the 18 months we have owned it," said Mark Pyke, president of TSYS' Merchant Services segment. "We are excited about their continued leadership of the company and the future growth and success of the joint venture. Our increased investment and extension of our relationship with the Hyman's are testament to how well this partnership is working."

"Our success at CPay is largely because of the outstanding group of sales agents that we deploy across the country," said Zach Hyman. "We are able to leverage TSYS' single platform strategy to present a compelling value proposition to help attract some of the best talent in the industry."